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Banader Hotels Q2 loss narrows YOY

Banader Hotels Co. B.S.C. said its second-quarter normalized net income amounted to a loss of 469,170 Bahraini dinars, compared with a loss of 849,860 dinars in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 52.6% from negative 171.2% in the year-earlier period.

Total revenue climbed 79.6% on an annual basis to 891,540 dinars from 496,330 dinars, and total operating expenses decreased 16.1% year over year to 1.3 million dinars from 1.6 million dinars.

Reported net income came to a loss of 688,510 dinars, or a loss of 3 fils per share, compared to a loss of 1.3 million dinars, or a loss of 6 fils per share, in the year-earlier period.

As of Aug. 9, US$1 was equivalent to 380 Bahraini fils.